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ASX 200 RISES ON QUICK ECONOMIC REVIVAL HOPES -

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    • ASX 200 RISES ON QUICK ECONOMIC REVIVAL HOPES
09-Jun
22:30 IST

ASX 200 futures are currently trading at 6074-lower by 0.96% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the Cash Markets, the ASX 200 added 2.44% today to close at 6,144.90. The index rose today due to gains in financial and mining stocks, as traders continued to bet on rapid economic recovery from the damage caused by the pandemic.

Earlier in the trading session, the index hit its highest level since 9th March. The ASX 200 closed in positive territory for the consecutive sixth session.

The Australian markets were closed on Monday for a public holiday.

The index caught up with a global rally that followed an unexpected rise in US Nonfarm Payrolls in May.

Financial shares which have high weightage in the index gained around 5% today. Commonwealth Bank of Australia and Australia & New Zealand Banking Group rose 5.05% and 6.22% respectively today.

The mining index hit its highest level since 28 January today. The index rose following a rise in Chinese iron ore futures oversupply concerns.

Stocks of Rio Tinto and BHP Group surged 2.81% and 3.61% on Tuesday.

Energy shares also outperformed today with Santos Ltd and Worley Ltd gaining 7.30% and 14.62% respectively.

Other top gainers in the index include- Sydney Airport (surged 8.80%), Challenger Ltd (rose 10.22%) and Credit Corp Group Limited (advanced 15.69%).

On the economic front, NAB Business Confidence for May released earlier today came in at -20. The index reading was above the market expectation of -32.

On the technical front, the RSI is currently at 71.00% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit target.

 

Trade Suggestion-Limit Sell At 6085 Take Profit At 6015 Stop Loss At 6115

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